Kinetik (NASDAQ:KNTK) Shares Down 4.4% - What's Next?

Kinetik Holdings Inc. (NASDAQ:KNTK - Get Free Report)'s share price fell 4.4% on Friday . The company traded as low as $49.27 and last traded at $49.30. 480,540 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 508,293 shares. The stock had previously closed at $51.58.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on KNTK. Barclays lifted their target price on Kinetik from $43.00 to $47.00 and gave the company an "equal weight" rating in a report on Monday, October 14th. Royal Bank of Canada raised their price objective on Kinetik from $46.00 to $52.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. Scotiabank raised their price objective on Kinetik from $42.00 to $48.00 and gave the company a "sector outperform" rating in a research report on Tuesday, July 2nd. Finally, Mizuho raised their price objective on Kinetik from $47.00 to $55.00 and gave the company an "outperform" rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Kinetik has an average rating of "Moderate Buy" and a consensus price target of $45.71.

Kinetik Price Performance

The firm has a market capitalization of $7.82 billion, a PE ratio of 19.65, a price-to-earnings-growth ratio of 2.38 and a beta of 2.91. The stock has a 50-day moving average price of $46.14 and a 200-day moving average price of $42.52.

Kinetik (NASDAQ:KNTK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.11. The business had revenue of $359.50 million during the quarter, compared to the consensus estimate of $305.94 million. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The company's revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period last year, the firm earned $0.41 earnings per share. As a group, equities research analysts predict that Kinetik Holdings Inc. will post 1.44 earnings per share for the current fiscal year.

Kinetik Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 7th. Investors of record on Monday, October 28th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 6.29%. This is an increase from Kinetik's previous quarterly dividend of $0.75. The ex-dividend date is Monday, October 28th. Kinetik's dividend payout ratio (DPR) is 116.73%.

Hedge Funds Weigh In On Kinetik

A number of hedge funds have recently bought and sold shares of KNTK. Beach Investment Counsel Inc. PA acquired a new position in Kinetik in the second quarter valued at approximately $27,000. Ameritas Investment Partners Inc. boosted its stake in Kinetik by 112.8% in the first quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company's stock valued at $145,000 after acquiring an additional 1,926 shares during the period. Blue Trust Inc. boosted its stake in Kinetik by 244.9% in the third quarter. Blue Trust Inc. now owns 3,801 shares of the company's stock valued at $158,000 after acquiring an additional 2,699 shares during the period. Harbor Capital Advisors Inc. boosted its stake in Kinetik by 270.0% in the second quarter. Harbor Capital Advisors Inc. now owns 3,841 shares of the company's stock valued at $159,000 after acquiring an additional 2,803 shares during the period. Finally, CWM LLC boosted its stake in Kinetik by 2,030.9% in the third quarter. CWM LLC now owns 3,793 shares of the company's stock valued at $172,000 after acquiring an additional 3,615 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.